Slide 1: Supplemental Financial & Operating Data
Supplemental Financial & Operating Data Fourth Quarter and Full Year Ended December 31, 2025
Slide 2: Disclaimers
DISCLAIMERS Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “pro
Slide 3: Table of Contents
TABLE OF CONTENTS 2025 Highlights……………………………………………………………………………….. 4 Corporate Overview………………………………………………………………………….. 5 Portfolio & Financial Highlights……………………………………………………………... 6 Consolidated Balance Sheets………………………………………………………………. 7-8 Consolidated Statement of Operations……………………………….…………………… 9-10
Slide 4: 2025 Highlights
2025 HIGHLIGHTS $2.1Bn Announced Capital Commitments in 2025 8.9% Weighted Average Initial Yield of 2025 Announced Capital Commitments Year-over-Year Dividend Growth – VICI’s 8th 4.0% Consecutive Annual Increase Year-over-Year Revenue Growth ($4.0bn in 4.1% 2025 compared to $3.8bn in 2024) Year-over
Slide 5: Corporate Overview
CORPORATE OVERVIEW VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las
Slide 6: Portfolio & Financial Highlights
PORTFOLIO & FINANCIAL HIGHLIGHTS ($ amounts in thousands, except share, per share, portfolio and property data) Portfolio Highlights Financial Highlights as of December 31, 2025 Three Months Ended 54 Gaming Properties Dec. 31, Sept. 30, Jun. 30, Mar. 31, 39 Other Experiential Properties 2025 2025 20
Slide 7: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS ($ amounts in thousands, except share and per share data) December 31, 2025 December 31, 2024 Assets Real estate portfolio: Investments in leases - sales-type, net $ 23,706,563 $ 23,581,101 Investments in leases - financing receivables, net 18,697,133 18,430,320 Investmen
Slide 8: Consolidated Balance Sheets – Quarterly
CONSOLIDATED BALANCE SHEETS – QUARTERLY ($ amounts in thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Assets Real estate portfolio: Investments in leases - sales-type, net $ 23,706,563 $ 23,763,616 $ 23,686,926 $ 23,506,674 Investments in leases - financing receivables,
Slide 9: Consolidated Statement of Operations
CONSOLIDATED STATEMENT OF OPERATIONS ($ amounts in thousands, except share and per share data) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenues Income from sales-type leases $ 534,650 $ 524,691 $ 2,125,367 $ 2,068,443 Income from lease financing receivables, loans
Slide 10: Consolidated Statement of Operations – Quarterly
CONSOLIDATED STATEMENT OF OPERATIONS – QUARTERLY ($ amounts in thousands, except share and per share data) Three Months Ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Revenues Income from sales-type leases $ 534,650 $ 531,765 $ 530,348 $ 528,604 Income from lease financing r
Slide 11: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES ($ amounts in thousands, except share and per share data) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net income attributable to common stockholders $ 604,767 $ 614,594 $ 2,775,493 $ 2,678,810 Real estate depreciation — — — — Funds From Ope
Slide 12: Non-GAAP Financial Measures – Quarterly
NON-GAAP FINANCIAL MEASURES – QUARTERLY ($ amounts in thousands, except share and per share data) Three Months Ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Net income attributable to common stockholders $ 604,767 $ 762,040 $ 865,079 $ 543,607 Real estate depreciation — — —
Slide 13: Revenue Detail
REVENUE DETAIL ($ amounts in thousands) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Contractual income from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease $ 139,586 $ 137,667 $ 552,653 $ 550,539 Caesars Las V
Slide 14: Revenue Detail – Quarterly
REVENUE DETAIL – QUARTERLY ($ amounts in thousands) Three Months Ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Contractual income from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease $ 139,586 $ 137,689 $ 137,689 $
Slide 15: Annualized Contractual Rent and Income from Loans
ANNUALIZED CONTRACTUAL RENT AND INCOME FROM LOANS ($ amounts in millions USD) Assets Annualized Rent Partnerships with 13 Tenants Per Lease Tenant as of February 2026 Annualized Contractual Rent MGM Master Lease(1)(1) 11 MGM Resorts International $774.7 Caesars Regional Master Lease & Joliet Lease 1
Slide 16: 2026 Guidance
2026 GUIDANCE ($ and share amounts in millions, except per share data) The Company is providing preliminary AFFO guidance for the full year 2026. In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income attributable to common stockholders, the
Slide 17: Capitalization & Key Credit Metrics – As of December 31, 2025
CAPITALIZATION & KEY CREDIT METRICS – AS OF DECEMBER 31, 2025 ($ amounts in thousands, except share and per share data) Capitalization Investment Grade Bond Covenants Thresholds Actuals Common Shares Outstanding 1,068,811,371 Total Net Debt to Adjusted Total Assets < 60% 35% Third-Party Partnership
Slide 18: Debt Detail
DEBT DETAIL ($ amounts in thousands USD) Refer to Note 7 – Debt and Note 8 – Derivatives within our Annual Report on Form 10-K for the year ended December 31, 2025 for additional detail. As of December 31, 2025 Carrying Value Debt Maturity Date Coupon Rate Effective Rate Face Value % of Total Debt (
Slide 19: Geographic Diversification
GEOGRAPHIC DIVERSIFICATION Diversified Portfolio: 26 States and 1 Canadian Province Gaming: 15 States and 1 Canadian Province (51% Regional, 48% Las Vegas, 1% International)(1) Gaming Other Experiential: 17 States (6 of Which Also Include Gaming) Other Experiential Alberta, Canada (1) Based on annua
Slide 20: Summary of Current Lease Terms
SUMMARY OF CURRENT LEASE TERMS Caesars Regional Master Lease Caesars Las Vegas MGM Grand/Mandalay Bay MGM Master Lease(1) and Joliet Lease(2) Master Lease(2) Master Lease Tenant MGM Resorts International Caesars Entertainment Caesars Entertainment MGM Resorts International Annual Cash Rent as $774.7
Slide 21: Summary of Current Lease Terms (Continued)
SUMMARY OF CURRENT LEASE TERMS (CONTINUED) The Venetian Resort Las Vegas JACK Entertainment Hard Rock Mirage Lease PENN Master Lease(2) Lease Master Lease Affiliate of funds managed by affiliates Tenant Hard Rock Entertainment PENN Entertainment JACK Entertainment of Apollo Global Management, Inc. A
Slide 22: Summary of Current Lease Terms (Continued)
SUMMARY OF CURRENT LEASE TERMS (CONTINUED) Century Master Lease Hard Rock Cincinnati Lease CNE Gold Strike Lease EBCI Southern Indiana Lease Tenant Century Casinos Hard Rock Entertainment Cherokee Nation Entertainment Eastern Band of Cherokee Indians Annual Cash Rent as $63.8 million(1) $48.8 millio
Slide 23: Summary of Current Lease Terms (Continued)
SUMMARY OF CURRENT LEASE TERMS (CONTINUED) Foundation Gaming Master Lucky Strike Master Lease Chelsea Piers Lease PURE Master Lease Lease Tenant Lucky Strike Entertainment Foundation Gaming Chelsea Piers Affiliate of IGP(1) Annual Cash Rent as $33.2 million $25.4 million $24.3 million C$22.8 / US$16
Slide 24: Recent Investment Activity
RECENT INVESTMENT ACTIVITY Announcement Closing Transaction Tenant / Borrower / Property / Loan Rent Date Date Size Issuer Pending Transactions Holding company owned and Golden Entertainment Transaction(1) 11/06/2025 Expected Mid-2026 $1.16 billion $87.0 million controlled by Blake L. Sartini(2) Aff
Slide 25: Recent Capital Markets Activity
RECENT CAPITAL MARKETS ACTIVITY Equity Capital Markets Forward Equity Offering Shares Sold Gross Offering Value Shares Settled Net Proceeds Received to Date 2025 ATM Sales 7,835,973 $254.2 million 85,973 $2.8 million 2024 ATM Sales 12,015,399 $384.6 million 12,015,399 $372.9 million Debt Capital Mar
Slide 26: Gaming Embedded Growth Pipeline
GAMING EMBEDDED GROWTH PIPELINE The descriptions of the Put/Call Agreements and Right of First Refusal / Right of First Offer Agreements herein are presented as a summary of such agreements, which are or may be subject to additional terms and conditions as described in the applicable agreements. Put
Slide 27: Other Experiential Embedded Growth Pipeline
OTHER EXPERIENTIAL EMBEDDED GROWTH PIPELINE The descriptions of the Call Agreements and Right of First Refusal / Right of First Offer Agreements herein are presented as a summary of such agreements, which are or may be subject to additional terms and conditions as described in the applicable agreeme
Slide 28: Analyst Coverage
ANALYST COVERAGE Covering Equity Analysts Firm Analyst Phone Email Barclays Rich Hightower (212) 526-8768 Richard.hightower@barclays.com BNP Paribas Nate Crossett (646) 725-3716 Nate.crossett@us.bnpparibas.com BofA Securities Shaun Kelley (646) 855-1005 Shaun.kelley@bofa.com Cantor Fitzgerald Rich A
Slide 29: Definitions of Non-GAAP Financial Measures
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES FFO is a non-GAAP financial measure that is considered a supplemental measure for the real estate industry and a supplement to GAAP measures. Consistent with the definition used by the National Association of Real Estate Investment Trusts (NAREIT), we defin